Scatec ASA has reached financial close for its 142 MW Rio Urucuia solar project currently under construction in Minas Gerais, Brazil. The non-recourse project financing includes $27 million from Banco de Nordeste do Brasil, covering 30 per cent of the total estimated capital expenditure of $91 million. The project is expected to achieve commercial operation in the first half of 2026.
Scatec has previously secured a EUR 25 million debt facility from Impact Fund Denmark to partially fund its equity share in the project. A 10-year power purchase agreement (PPA) has been signed with Statkraft for approximately 75 per cent of the power output. The remaining generation is planned to be sold through a combination of short, medium, and long-term PPAs.
Scatec holds 100 per cent ownership of the project and plans to bring in equity partners after commercial operation. The company will act as engineering, procurement and construction manager with a limited contract scope, and will also provide operations and maintenance as well as asset management services.
In June 2025, Scatec ASA signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company for a 900 MW onshore wind project in Ras Shukeir, Egypt.
